- Published: September 16, 2022
- Updated: September 16, 2022
- University / College: University of Washington
- Language: English
- Downloads: 16
Based on the reasons and warrant presented in the post regarding the Henderson article it appears that it is synonymous to the reasons and breakdown of warrants on my own worksheet.
Similarities
In the analysis section it was stipulated that Henderson’s argument to raise the minimum wage has an apparent negative social implication being it a factor that will cause teenagers to drop out of school. Although, the interpretation I have when it comes to teenagers dropping out of school is somewhat different because teenagers should be in school anyway and should not be working. In addition it would hurt their chance for a better opportunity in the future for the reason that early exposure to minimum wage in exchange for better education will get them stuck in the same situation throughout their work life. Unlike those that were able to obtain degrees that would have a better shot of landing a high paying job.
Evaluation
I find that the realistic assumptions regarding the effects of raising minimum wage is true because logically, the higher the minimum wage the higher the supply of labor force in the job market will be. However, given the employment and economic situation of the country where there are more workers than employment opportunities, there is a possibility of a stiffer competition for jobs considering that teenagers will add up to the already huge number of job seekers. The low demand for worker will even get lower because higher minimum wage means higher overhead for employers and would result to marginal decrease for demand for additional workers.
These arguments show similarity to the reasons and data presented in the worksheet given the reasons conforming the relation of the issue to the increase in school dropouts. However, the economic perspective was lacking in the posted worksheet such as the relation of the issue to labor supply and demand, which was mentioned earlier. Nevertheless, we had similar general concept about the issue of increased minimum wage implications, the only difference in interpretation is perspective in which my argument was based from, which is more on economic assumptions.
